earnings forecasts

In an email to me, CSM said they "don't forecast their future earnings".

Now I'm pretty new at this, so does anyone know how common/uncommon it is for a company like Consolidated to forecast their earnings?

Last year's results were about 37 cents/share while CommSec's curent forecast for year ending June 2006 as about 30 cents/share. It has been falling for months! Now their (Commsec's) lowest ever.

Lets take say the share price as at Sept. 2005 of say $4.00. Then the price now should be, other factors unchanged, and using last years earnings per share (37 cents) compared to current CommSec earnings forecast (30 cents), the price now should be

$4 x 30/37 = $3.24.

But current price of $2.57 = 20% discount.

So the current share price doesn't make sense to me. Especially given recent comment by Kiernan. Which surely supports CommSec's forecast of 30 cents/share?

But then maybe one of you might be able to explane it. Please do. Because even if, after CSM release their interim results (some time before 30.06.06), and assume they come out with a 30 cents/share earnings ratio, then surely we (who generally sit on our arses and don't have to lift a finger, as is our right) can look forwards to $2.57 plus (say) 10% = $2.82 share price?

Yet isn't that still a P/E of 9.4? 2.82/0.30 ?

Make the explanation simple as possible, please. If you can, if you're willing.